After marching steadily and soporifically higher for the past three weeks, the market stopped for a gentle breather yesterday after getting a mixed bag of corporate earnings, along with reminders that there are still problems in Europe.

If the preceding three weeks have not exactly been a rip-snorting rally, then the “correction” so far is not exactly a crash. The Dow fell 33.07 points to 12675.75 — and what do you know, that’s two down days in a row.

The S&P 500 fell just 0.1% to 1314.65, its first loss in six trading days. And the Nasdaq rose for the third straight day, but just barely, gaining 0.09% to 2786.64.

The Nasdaq, or at least the Nasdaq 100, could enjoy a pop this morning after a blockbuster earnings report last night from Apple. The iPhone maker is poised to once again be the biggest public company in America, supplanting Exxon Mobil, just after the opening bell.

Tech has been outpacing the rest of the market for much of this year’s early rally, and that could continue today. But a big quarter for Apple, and even a subsequent rally in the Nasdaq 100, doesn’t necessarily mean great things for the broader market.

In fact, in the past 14 years, each time Apple has gapped up 5% or more on the morning after earnings to a new 52-week high — and that has happened 11 times in the past 14 years — the Nasdaq 100 has almost always been lower one month later, by an average decline of more than 3%, according to Jason Goepfert of Sundial Capital Research. For what it’s worth, your mileage may vary, etc.

I guess what I’m trying to say is that the rally seems tired. European stocks and U.S. stock futures are lower as of this writing, as the weight of It could use more fuel to keep going, and one big quarter from, let’s face it, one fairly unique company is not necessarily going to be that fuel.

The Fed has provided such fuel in the past. And today the focus will return to it, with the central bank’s monetary policy committee decision due, followed by America’s (not really) favorite game show, a Ben Bernanke press conference.

Investors will be listening carefully for the dog whistles that indicate easier money. Will the Fed push the end date of its rock-bottom interest-rate policy into 2014, as the market already expects anyway? Though it wouldn’t be shocking, it would be a sign of dovishness that could get stocks moving higher again.

Morning MarketBeat Daily Factoid: On this day in 1915 Alexander Graham Bell, dialing from New York City, placed the first transcontinental telephone call to his assistant Thomas Watson in San Francisco. On the same day in 1959 American Airlines operated the first commercial transcontinental jet flight in the US, from Los Angeles to Idlewild Airport (now JFK) in New York.

-Mark Gongloff

MARKET SNAP:

At 6:00 a.m. EDT, S&P 500 futures are 0.3% lower at 1306.9. European bourses are also lower, with the FTSE 100 falling 0.6%, the DAX down 0.5% and the CAC 40 0.7% lower. In Asia, the Nikkei 225 finished 1.1% higher and the Hang Seng was closed.

Stocks to Watch

Apple’s fiscal first-quarter earnings more than doubled, as both profit and revenue hit record highs, led by strong sales of the iPhone and iPad. Shares jumped 7.3% at $451.18 in recent after-hours trading as the results blew past analyst expectations.

CA’s fiscal third-quarter earnings rose 32% as the business-software maker saw revenue growth in each of its three segments. Shares surged 15% to $26.25 in after-hours trading as the company also unveiled a capital allocation program that targets the return of up to $2.5 billion to shareholders through fiscal year 2014.